We said we'd talk about what to do during this mortgate industry shift... especially if you are going to be applying for a loan in the near future.
First, we recommend our clients use a Mortgage Bank ranther than a Mortgage Broker. Why? During these interesting times banks are changing the rules they use to qulaify a potential buyer, you, at lightspeed intervals. Brokers have a very hard time keeping up with the changes and can put you in a precarious position by promising a loan that can't be done under the newest lender guildlines. Simply put, you may think yoiu are in great shape to get your loan and find out only days or hours before you are supposed to close escrow that you no longer qualify. This really is happening.
By the way our favorite bank is First Horizon Home Loans and we especially love the service and knowledge of one of their lenders Judy Giel in their Phoenix, AZ office.
